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FINANCE ACT 2006 - Union Budget Highlights
There is no change in Income Tax Rates.
Basic I-T exemption limit remains at Rs. 1 lakh.
Exemption limit remains at Rs. 1,35,000/- for women (below 65 years)
Exemption limit remains at Rs. 1,85,000/- for all Senior Citizens
( for men / women of age 65 and above)
INCOME TAX RATES APPLICABLE FOR FINANCIAL YEAR 2006-2007
Annual Net Income from all sources
(After all permissible deductions) |
Income-Tax Rates
(In Rs.) |
Upto 1,00,000 |
NIL |
1,00,001 - 1,50,000 # |
10% of the amount exceeding 1,00,000(1,50,000-1,00,000=50,000X10%)=5,000+2% education cess Rs. 100 = 5,100 |
1,50,001 - 2,50,000 * |
5,000 + 20% on the amount exceeding 1,50,000 [2,50,000-1,50,000=1,00,000 x 20%=20,000]=25,000 + 2% education cess Rs. 500 = 25,500 |
2,50,001 to 10,00,000 |
5,000 + 20% on the amount exceeding 1,50,000 [2,50,000-1,50,000 =1,00,000 x 20%=20,000]=25,000 + 2% education cess Rs. 500 = 25,500 |
# Slab for Women (below 65) begins from 1,35,001
* Slab for Senior Citizen begins from 1,85,001
10,00,001 & above |
2,50,000 + 30% on the amount exceeding 10 Lakhs + 10% surcharges + 2% education cess on net Income tax payable subject to marginal relief. |
# Slab for Women (below 65) begins from 1,35,001
* Slab for Senior Citizen begins from 1,85,001
How to file Income Tax Return Home
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